TRENTON, N.J. (PIX11) – New Jersey residents would receive more than $2 billion in property tax relief under a new plan announced by Gov. Phil Murphy and Democratic leaders Wednesday.
Gov. Murphy, Senate President Nick Scutari and Assembly Speaker Craig Coughlin announced the expansion of the ANCHOR Tax Relief Program, increasing the funding available for property tax relief from nearly $900 million to more than $2 billion for more than 1.16 million homeowners and 900,000 renters beginning in FY2023.
“I am proud to stand alongside Speaker Coughlin to announce the delivery of $2 billion in direct property tax relief, which will provide over 2 million rebates to New Jersey households. This is a truly historic tax relief program for our state,” Gov. Murphy said. “Today we take a step forward on this administration’s promise to make New Jersey a stronger, fairer, more affordable state for our middle-class and working families.”
Under the expanded ANCHOR Tax Relief Program proposal, New Jersey homeowners with a household income of under $150,000 would receive a $1,500 property tax credit on their property tax bill each year.
Homeowners with a household income between $150,000 and $250,000 would receive a $1,000 property tax credit on their property tax bill each year.
Renters with incomes up to $150,000 would receive $450 each year to help offset rent increases caused by increasing property taxes.
The tax relief rebates could offset more than 16% of the average property tax bill for some homeowners in New Jersey. For a middle-class family receiving the $1,500 in direct relief, the average bill would be $7,800. The average New Jersey property tax bill was approximately $9,300 in 2021, according to state officials.
“New Jerseyans need tax relief now,” said Assembly Speaker Coughlin. “It is my priority to enact the largest tax relief program in our state’s history and I am pleased that our $2 billion ANCHOR program puts us on course to deliver the boldest and most robust affordability agenda for our working and middle-class families for years to come. With $1,500 and $1,000 in direct property tax rebates for homeowners and $450 for renters, more than two million New Jerseyans will see money back in their pockets.”